Examining prenuptial agreements

On behalf of The Law Office of Jamie Mitchell, LLC posted in prenuptial agreements on Friday, November 3, 2017.

For many in Maryville, asking their partners to agree to prenuptial agreements is akin to admitting that there is a strong possibility that their marriages will not last. Thus, this may be viewed as being purely a selfish decision. Yet if one is willing to take a step back and take a broader look at the situation, a prenuptial agreement may actually offer several advantages to both sides of a marriage.

Finances have proven to be one of the main causes of marital strife, with people often questioning their spouses' monetary motivations. Setting up a prenuptial agreement can help a couple set financial expectations early on in the marriage, which can then serve to influence their decisions going forward. It can also offer protection for people whose spouses own their own businesses by clearly stating that they have no interest in their partners' business dealings. For those entering into a second or subsequent marriage, a prenuptial agreement can also help eliminate the potential for estate disputes by identifying early which assets they intend to leave to their children from previous marriages.

If one has concerns that his or her partner may only be trying to protect his or her own interests through a prenuptial agreement, it should be remembered that such agreements negotiated incorrectly or in bad faith may be invalidated. Some of the more common reasons to invalidate a prenuptial agreement include:

It not having been preserved in writing

It not being properly executed prior to the marriage

It containing incomplete or false information

One being pressured into signing it

It being grossly unfair towards one side

Despite the perception of them being unromantic, prenuptial agreements are increasing in popularity. Information shared by CNBC shows that 62 percent of matrimonial attorneys have seen an increase in them in recent years.

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